Infosys Friday said it has completed the formation of its joint venture with Temasek that will provide the Singapore-based company and its other clients with solutions in advanced technologies, including cloud, data analytics and artificial intelligence.
"Through this joint venture, Infosys will be a partner to Temasek in its digital transformation journey and further strengthen its footprint in South East Asia," Infosys said in a regulatory filing.
The joint venture will provide Temasek and its other clients with solutions in advanced technologies like cloud, data and analytics, cybersecurity, digital experiences and AI, it added.
"Additionally, employees of this joint venture will be able to access Infosys' world class education and training capabilities, to advance their technological skills," the filing said.
In September, Infosys had announced the formation of the JV to support Temasek's digital transformation journey.
The company's subsidiary Infosys Consulting holds 60 per cent stake in the JV entity and it is headquartered in Singapore. The consideration of investment is "up to SGD 12 million excluding adjustments for working capital, cash and net debt on closing", it had said in a filing.
The remaining stake is held by Temasek through Franklin Investments, Infosys had said.
The JV was to integrate teams from Infosys and the operations of Temasek's wholly owned subsidiary -- Trusted Source -- that delivered IT services to Temasek and a number of other clients.
As part of the transaction, more than 200 employees and contractors from Trusted Source were to become part of the JV, in addition to Infosys staff who will join over time, the filing had stated.
Infosys and Temasek had named Shveta Arora, vice president at Infosys, as the chief executive officer of the JV.
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